Foreign investment in Mauritius jumps, real estate gets most

Foreign direct investment in Mauritius jumped 67.3 percent to $253 million in the first six months of 2014 from a year ago, helped by a flow of money into real estate.

The island nation has been trying to shift an economy traditionally focused on sugar, textiles and tourism towards luxury real estate, offshore banking and medical tourism.

The largest part of the money went into real estate development, which attracted $50.3 million in the first six months, up from $46.5 million a year earlier, according to the Bank of Mauritius.

France was the biggest source with $8.6 million followed by the United Arab Emirates which put in $3 million, according to the data.

Ken Poonoosamy, Mauritius’ Board of Investment managing director:

“In quantitative terms, FDI inflows into Mauritius are not high. Yet they play a significant role in boosting national growth.”

The current account deficit rose to $152.4 million in the second quarter this year although sizeable foreign direct investment inflows allowed for a further build-up of gross international reserves, according to the bank.

Current account deficit was almost twice the level reached in the first quarter of 2014 and 30 percent higher than the second quarter of 2013.

Source: Reuters

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